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Business News/ Companies / Zee profit rises on ad, subscription revenue
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Zee profit rises on ad, subscription revenue

Zee profit rises 8.5% to `246.3 crore from `227 crore in the year-ago period

During the quarter, Zee TV was ranked third among the Hindi general entertainment channels. Photo: Pradeep Gaur/MintPremium
During the quarter, Zee TV was ranked third among the Hindi general entertainment channels. Photo: Pradeep Gaur/Mint

New Delhi: Zee Entertainment Enterprises Ltd, which operates entertainment channels such as Zee TV and Zee Cinema, on Wednesday reported an 8.5% rise in profit for the quarter ended 30 September as it benefited from an increase in advertising and subscription revenue.

Net profit rose to 246.3 crore from 227 crore in the year-ago period. The profit was earned on a 23.9% rise in revenue to 1,384.9 crore from 1,117.8 crore a year ago. Ad revenue rose 34.7% to 843.3 crore, and subscription revenue rose 12.9% to 479.1 crore.

“We are quite pleased with our quarterly performance and it continues to remain on track. We have grown as a network on the back of superior programming on our new and existing products. The improvement in the overall advertisement market has further aided our strong growth. The domestic subscription market has also seen steady growth," said Punit Goenka, managing director and chief executive officer, in a statement.

During the quarter, Zee TV was ranked third among the Hindi general entertainment channels.

The company also approved the write-off of an investment of 33.1 crore made by Asia Today Ltd, a wholly owned overseas subsidiary of the company, in 2013 to acquire minority stake in digital advertising firm MirriAd Ltd, UK. The write-off was on account of continuing losses and consequent capital reduction/restructuring in MirriAD, the company said in a statement.

Zee Entertainment will also reorganize its overseas broadcasting operations of all international channels under a wholly owned subsidiary of its unit Asia Today.

“In order to provide clear focus on international broadcasting operations, the board has approved in-principle, reorganization of the overseas broadcasting operations of all international channels (excluding sports channels, English channels and uplinking activities) currently housed under the company’s overseas subsidiaries Asia Today Ltd, Mauritius (being renamed as ATL Media Ltd) and Zee Multimedia Worldwide (Mauritius) Ltd and/or their respective subsidiaries, by transferring these to a wholly owned subsidiary of Asia Today Ltd," a company statement said.

The restructuring shall not have any effect on the consolidated operations or financial statements, the company said.

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Published: 14 Oct 2015, 09:54 PM IST
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